Chubb Announces Estimated Net Losses for Hurricane Milton of $250-300 Million Pre-Tax and $208-250 Million After-Tax

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Nov 01, 2024, 16:55 ET

ZURICH, Nov. 1, 2024 /PRNewswire/ -- Chubb Limited (NYSE: CB) today announces losses in the fourth quarter of 2024 attributable to Hurricane Milton are estimated to be $250-300 million pre-tax and $208-250 million after-tax, net of reinsurance and including reinstatement premiums.

These estimates include losses generated from the company's commercial and personal property and casualty insurance businesses as well as its reinsurance operations.

About Chubb

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com.

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release related to losses reflect Chubb Limited's current preliminary views with respect to future events, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results and accounting determinations to differ from those set forth in these statements. The forward-looking statements could be affected by the number of insureds and ceding companies impacted by the relevant catastrophe, the amount and timing of losses actually incurred and reported by insureds, the preliminary nature of reports and estimates of loss to date, impact on the company's reinsurers, the amount and timing of reinsurance recoverable actually received, coverage and regulatory issues, and other factors identified in the company's filings with the Securities and Exchange Commission, among other things. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Chubb Limited